Cornell University Takes More Than 70K SF at Feil’s 570 Lexington Avenue
By Rey Mashayekhi February 22, 2018 3:56 pm
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Cornell University has agreed to take more than 70,000 square feet of office space via two separate transactions at the Feil Organization’s 570 Lexington Avenue in Midtown East.
Cornell’s Industrial and Labor Relations (ILR) School inked a 10-year, 38,872-square-foot deal for the entire 11th and 12th floors of the 50-story, 450,000-square-foot building at the southwest corner of East 51st Street and Lexington Avenue, Feil announced today. Additionally, Weill Cornell Medicine, the Ivy League institution’s medical school, also signed a 10-year lease for 31,258 square feet comprising the entire ninth floor and part of the 10th floor at the landmarked Art Deco skyscraper.
Cornell ILR School will relocate from its current New York City location at 16 East 34th Street between Madison and Fifth Avenues, while the Weill Cornell deal is for new space that will add to the medical institution’s sprawling Manhattan footprint, according to a source with knowledge of the transactions.
The Feil Organization declined to provide asking rents at 570 Lexington Avenue. David Turino, Feil’s director of commercial leasing, represented the landlord in-house, while Mark Weiss and Robert Eisenberg of Cushman & Wakefield (CWK) represented the ILR School. Weill Cornell Medicine had no outside broker representation.
In a press release announcing the deals, Turino noted that Cornell will now be the largest tenant at the building, adding that the university’s presence “will add great prestige to the 570 Lexington Avenue tenant roster.” Brian Feil, the landlord’s vice president of leasing, added that the transactions are indicative of Cornell’s intention “to grow its many and diversified schools and graduate programs in New York City.”
Representatives for C&W did not immediately return a request for comment. The Real Deal first reported the news of the leases yesterday.
The deals with Cornell have pushed 570 Lexington Avenue’s occupancy to 96 percent, according to Feil. Other tenants at the property include law firm Carroll, McNulty & Kull, executive compensation consultancy Pearl Meyer and the Real Estate Board of New York.
Cornell’s new space in Midtown East is not far from the university’s 2-million-square-foot Cornell Tech campus on Roosevelt Island, which will house academic operations as well as tech-oriented commercial tenants including Citigroup, Two Sigma and Tata Consultancy Services.
